<PAGE> PAGE 1
000 A000000 06/30/95
000 C000000 0000788422
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 BULL & BEAR SPECIAL EQUITIES FUND, INC.
001 B000000 811-4625
001 C000000 2127850900
002 A000000 11 HANOVER SQUARE
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10005
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
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007 C010300 3
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007 C010700 7
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007 C011000 10
008 A000001 BULL & BEAR ADVISERS, INC.
008 B000001 A
008 C000001 801-28329
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10005
011 A000001 INVESTOR SERVICE CENTER, INC.
011 B000001 8-29751
011 C010001 NEW YORK
011 C020001 NY
011 C030001 10005
012 A000001 DST
012 B000001 84-00448
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64105
013 A000001 TAIT, WELLER & BAKER
013 B010001 PHILADELPHIA
013 B020001 PA
<PAGE> PAGE 2
013 B030001 19102
014 A000001 BULL & BEAR SECURITIES, INC.
014 B000001 8-31732
015 A000001 INVESTORS BANK & TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02111
015 E010001 X
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019 C000000 BULL&BEARF
020 A000001 BULL & BEAR SECURITIES, INC.
020 B000001 13-3207082
020 C000001 25
020 A000002 CHARLES (J.W.) SECURITIES, INC.
020 B000002 37-0975072
020 C000002 22
020 A000003 CAPITAL INSTITUTIONAL SERVICES
020 B000003 75-1565705
020 C000003 20
020 A000004 LOUIS NICOUD ASSOCIATES
020 B000004 13-3539310
020 C000004 16
020 A000005 JEFFRIES & CO.
020 B000005 95-2622900
020 C000005 15
020 A000006 WILLIAM O'NEIL
020 B000006 95-2269163
020 C000006 14
020 A000007 DERBY SECURITIES
020 B000007 13-3003602
020 C000007 14
020 A000008 COWEN & CO.
020 B000008 13-5616116
020 C000008 13
020 A000009 LIPPER ANALYTICAL SERVICES
020 B000009 13-2792478
020 C000009 13
020 A000010 RBC DOMINION SECURITIES
020 B000010 13-5033225
020 C000010 11
021 000000 163
022 A000001 HERZOG HEINE GEDULD, INC.
022 B000001 13-1955436
022 C000001 10893
022 D000001 20514
022 A000002 PERSHING (DLJ)
022 B000002 13-2741729
022 C000002 4395
<PAGE> PAGE 3
022 D000002 7087
022 A000003 NICOUD ASSOCIATES
022 B000003 13-3539310
022 C000003 5502
022 D000003 2983
022 A000004 BUCKINGHAM
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022 C000004 2140
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022 A000005 OPPENHEIMER
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022 C000005 2135
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022 A000006 CANTOR FITZGERALD
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022 C000006 1319
022 D000006 2219
022 A000007 SOUNDVIEW FINANCIAL
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022 C000007 1108
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022 A000008 WERTHEIM & CO., INC.
022 B000008 13-0474907
022 C000008 1272
022 D000008 1947
022 A000009 FIRST ALBANY CORP.
022 B000009 14-1391446
022 C000009 2751
022 D000009 128
022 A000010 JEFFRIES & CO., INC.
022 B000010 95-3207082
022 C000010 555
022 D000010 2218
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE SARAH BUCKLEY
TITLE ASST. VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM BULL & BEAR
SPECIAL EQUITIES FUND, INC. SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 49,715,256
<INVESTMENTS-AT-VALUE> 57,809,963
<RECEIVABLES> 5,265,023
<ASSETS-OTHER> 621
<OTHER-ITEMS-ASSETS> 22,922
<TOTAL-ASSETS> 63,098,529
<PAYABLE-FOR-SECURITIES> 939,488
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 7,871,859
<TOTAL-LIABILITIES> 8,811,347
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,454,682
<SHARES-COMMON-STOCK> 2,327,702
<SHARES-COMMON-PRIOR> 2,386,819
<ACCUMULATED-NII-CURRENT> (999,353)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,262,854)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,094,707
<NET-ASSETS> 54,287,182
<DIVIDEND-INCOME> 42,190
<INTEREST-INCOME> 14,518
<OTHER-INCOME> 0
<EXPENSES-NET> 1,056,061
<NET-INVESTMENT-INCOME> (999,353)
<REALIZED-GAINS-CURRENT> 6,268,317
<APPREC-INCREASE-CURRENT> 4,891,998
<NET-CHANGE-FROM-OPS> 10,160,962
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,872,414
<NUMBER-OF-SHARES-REDEEMED> 4,931,531
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8,673,133
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (9,531,171)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 216,457
<INTEREST-EXPENSE> 273,663
<GROSS-EXPENSE> 1,056,061
<AVERAGE-NET-ASSETS> 51,526,684
<PER-SHARE-NAV-BEGIN> 19.11
<PER-SHARE-NII> (.43)
<PER-SHARE-GAIN-APPREC> 4.64
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.32
<EXPENSE-RATIO> 3
<AVG-DEBT-OUTSTANDING> 6,185,000
<AVG-DEBT-PER-SHARE> 3
</TABLE>
